I tend to agree with your sentiment here. It's not every day that an asset which is endowed with 5mt of high-grade rock (9gt gold equivalent grade and open in multiple directions) is thrown in the bargain bin.
Shit management isn't going to alter the fact that Federation will be a hugely profitable deposit.
By my figuring AMI still has access to 66 million (46m cash, 20m overdraught facility) with another 36 million cash locked up by debtors, and 56 million cash held in environmental bonds. That's 158m!
I don't think anyone is realistically thinking this company is going into administration in the near future, even though it's (perhaps unfairly) being priced like this is the eventual outcome.
AMI Price at posting:
12.0¢ Sentiment: Buy Disclosure: Held
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